In "The Bitcoin Monthly: July 2023" report, David Puell, an on-chain researcher at Ark Invest, offers an intricate perspective on Bitcoin's current status and future potential. The report delves into key subjects, including a comprehensive market overview, an assessment of Bitcoin's low volatility and its implications for a potential breakdown or breakout, and an exploration of how the Federal Reserve's tightening policy might serve as an indicator of price deflation.
Ark Invest's Bitcoin Price Projection in the Near Term
Puell's analysis paints a primarily bullish picture for Bitcoin, as the cryptocurrency concluded July at $29,230, surpassing both its 200-week moving average and its short-term-holder (STH) cost basis of $28,328. These findings suggest robust support for Bitcoin and indicate the potential for an upward trajectory, as highlighted by Puell.
BTCUSD
BUY LIMIT 28900 - 29000 💯💯
✅ TP1: 29400
✅ TP2: 29800
✅ TP3: 30200
🛑 SL: 28500
Ark Invest's Bitcoin Price Projection in the Near Term
Puell's analysis paints a primarily bullish picture for Bitcoin, as the cryptocurrency concluded July at $29,230, surpassing both its 200-week moving average and its short-term-holder (STH) cost basis of $28,328. These findings suggest robust support for Bitcoin and indicate the potential for an upward trajectory, as highlighted by Puell.
BTCUSD
BUY LIMIT 28900 - 29000 💯💯 ✅ TP1: 29400
✅ TP2: 29800
✅ TP3: 30200
🛑 SL: 28500
